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CHINA CONSTRUCTION BANK TO OPEN BRANCH IN HUNGARY

 

China Construction Bank, the world’s second-biggest bank by assets, will open a branch in Hungary, the National Bank of Hungary (NBH) said. The branch will operate under the auspices of China Construction Bank (Europe) S.A., based in Luxembourg. The arrival of the lender will support the further expansion of economic, financial and trade ties between Hungary and China and will fit well with the NBH’s Central Bank Renminbi Programme and the Budapest Renminbi Initiative, the NBH said. Bank of China has operated an independent unit in Hungary for years, and the Luxembourg-based Agriculture Bank of China has offered cross-border services in Hungary since 2015, the NBH noted.